MAUI, Hawaii and NEW YORK, Aug. 3,
2015 /PRNewswire/ -- Code Rebel Corp. (NASDAQ: CDRB),
an enterprise software development firm that licenses its
proprietary software solution to enable simplified secure access
and communications between PC and Mac environments on virtually any
computer, tablet, or smartphone, announced today that it closed its
previously announced acquisition of all of the outstanding
membership interests of ThinOps Resources LLC from Thomas M. Moreno, ThinOps Resources' sole
member. ThinOps Resources is a management and technology
consulting services firm based in Houston, Texas, which had revenue of over
$2 million in 2014. As of the
closing, ThinOps is a wholly-owned, independently operated
subsidiary of Code Rebel.
Under the terms of the Membership Interest Purchase Agreement,
Code Rebel paid to Mr. Moreno a combination of $9.25 million in cash and stock, including the
issuance of 667,511 shares of its common stock at a price of
approximately $12.73 per share, which
was based on the volume weighted average closing price of Code
Rebel's common stock on the Nasdaq Capital Market for the ten
trading days immediately preceding the closing date. In
connection with the Membership Interest Purchase Agreement, Code
Rebel also entered into an employment letter agreement with Mr.
Moreno to serve as ThinOps' President for three years.
The acquisition brings a number of benefits to Code Rebel,
including:
- Increased revenues;
- An increase in the capacity of its in-house sales and project
support team to support Code Rebel's expanding distribution
channels; and
- Access to potential new customers and users of Code Rebel's
software.
At the closing, Code Rebel had outstanding 13,350,225 shares of
common stock after reflecting the issuance. The shares of
Code Rebel common stock issued in the transaction have not been
registered under the Securities Act of 1933.
About ThinOps
ThinOps Resources provides products and services to a wide
variety of organizations from leading academic institutions and
healthcare organizations to many Fortune 500 companies located
around the country and abroad. In the consulting business, having a
true understanding of the client needs only comes from experienced
people that have "earned their experience." Our service offerings
focus on understanding our client's needs and providing them a
focused roadmap and supporting plan on how to bridge the gap
between business theory and business reality.
About Code Rebel
Code Rebel is an enterprise software company that develops,
licenses, and supports software designed for cross-platform
enterprise security and productivity. The proprietary Code Rebel
iRAPP software addresses the growing requirement of corporate IT
departments for secure access from diverse enterprise devices. Code
Rebel software was developed by its in-house engineering team to
address the demand for secure interoperability between mobile,
desktop, and server environments and interaction between Apple and
Microsoft devices and software. Code Rebel software facilitates
mobile, desktop, and server environment interoperability seamlessly
across Apple and Microsoft devices and software. The company
provides enterprise client support for its software to a diverse
range of industries. For more information visit:
http://www.coderebel.com.
Forward-Looking Statements
This press release contains information about Code Rebel's view
of its future expectations, plans and prospects that constitute
forward-looking statements. Actual results may differ
materially from historical results or those indicated by these
forward-looking statements as a result of a variety of factors
including, but not limited to, risks and uncertainties associated
with its ability to raise additional funding, its ability to
maintain and grow its business, variability of operating results,
its ability to maintain and enhance its brand, its development and
introduction of new products and services, the successful
integration of acquired companies, technologies and assets into its
portfolio of software and services, marketing and other business
development initiatives, competition in the industry, general
government regulation, economic conditions, dependence on key
personnel, the ability to attract, hire and retain personnel who
possess the technical skills and experience necessary to meet the
requirements of its clients, and its ability to protect its
intellectual property. Code Rebel encourages you to review
other factors that may affect its future results in Code Rebel's
registration statement and in its other filings with the Securities
and Exchange Commission.
Code Rebel Investor Relations Contact:
Howard Gostfrand, President
American Capital Ventures
Phone: 305.918.7000
Email: info@amcapventures.com
www.amcapventures.com
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SOURCE Code Rebel Corp.